Billionaire Jahm Najafi is ready to offer a whopping $3.75billion (£3.11billion) to takeover Tottenham Hotspur, according to recent reports.
As per the Financial Times, Iranian-American billionaire Najafi, who is the chair of MSP Sports Capital, is working alongside a consortium of various investors to structure the offer. He is said to be just a matter of weeks away from formally approaching Lillywhites' owner Joe Lewis and Spurs chairman Daniel Levy.
The offer would be structured so that MSP and its partners contribute 70% towards the purchase, allowing the investors, who are from the Gulf, particularly Abu Dhabi, to put forward the remaining 30%. Last week, Tottenham released their annual financial results, leading Levy to admit that previous transfer mistakes have placed a burden on the club.
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Levy's statement read: "Since opening the stadium in April, 2019, we have invested over £500million in our Men’s First Team squad – putting us in the top five of spending in the Premier League – with a further £47million commitment in the January window, as we continue to support the team in the world’s most competitive league.
"Our spend levels show we have invested in the team - however, we walk a fine line between long-term investment and short-termism. This is why our recruitment must be first class as mistakes at this level have a financial and sporting impact for future seasons. We have felt, and continue to feel, the financial impact of supporting player purchases which have not worked out as planned. We have taken steps to improve this area of operations and we believe the recent transfer windows reflect this.
"Our aim has always been to combine the financial stability of the club with remaining competitive on the pitch. We have to do what is right for us and sustainable in the long-term.
"The landscape of the Premier League has changed significantly in the last decade. It is understandable that some fans call for more spending, much of which is unsustainable for many clubs. We are competing in a league in which we have seen increased sovereign wealth ownership and consortia finance; and in a league where the spending power is now vested in the hands of a few who dominate and have the ability to distort the market.
"We welcome the changes to the governance of the game which will compel greater financial sustainability and financial fair play (FFP). Major changes have been introduced in Europe around FFP regulations, including the newly-launched UEFA financial sustainability rules, the full impact of which will be felt from season 2025/26. They are based on three pillars: solvency, stability and cost control and clubs will have three seasons to adjust to them. Many expect that these new rules will be a game changer for the sport. Even tighter regulations may follow."
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